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There are some legitimate times you might want to slow down and smell the roses. Processing your Accounts Payable is not one of them. When it comes to paying vendors, slowness is not a virtue. In fact, when many businesses inquire about automating their AP processes, speeding up AP is a primary consideration. So how can Mekorma and Microsoft Dynamics GP speed up your Accounts Payable processing?
Speeding up the AP process is not just a matter of working longer and harder. You have to remove the roadblocks and bottlenecks that create delays. Then the whole process can flow smoothly and accurately, keeping your payment schedules on track.
Mekorma solutions for Microsoft Dynamics GP have proven to reduce bottlenecks by streamlining and automating key processes.
Before you begin automating, it’s good to pinpoint your organization’s most pressing problems.
Reliance on paper invoices and checks is a sure way to hold back your payment cycle. Paper invoices are easily misplaced, overlooked, or forgotten; before you know it, they are overdue. Paper checks require an entire process to stock, print, and mail.
Does your AP team still do much work by hand? Are they still opening and entering invoices into your ERP solution, shuffling papers between desks, and authorizing and signing checks? It all takes time, and each step leaves the door open for mistakes and delays.
Your entire AP workflow can grind to a halt if it doesn’t support the ones who approve invoices and payments. Approvers need convenient, easy-to-use solutions with maximum visibility.
Automated solutions win at speed, accuracy, and longevity when it comes to data entry. Intelligent solutions are built to prevent user error and can be configured for the utmost security. Mekorma’s Invoice Capture tool uses AI ( artificial intelligence) to read and extract invoice data from emailed documents. The tool then routes the data into your Microsoft Dynamics GP system. Once in the system, your AP team can validate it and make any necessary adjustments so human oversight has the final say.
As long as your vendors send their invoices to a dedicated AP inbox, Invoice Capture will automatically enter the information into your ERP system for review and approval. This process alone will save time by freeing your team from:
Certain tasks performed with Dynamics GP alone are time intensive. Building and processing payment batches could take hours or days if you process payments for more than one company.
Mekorma Payment Hub’s Action Board consolidates multiple payment batches from one or more companies on a single screen. Through Robotic Process Automation (RPA), the Action Board will automatically pull open vouchers into groups or batches based on your pre-determined criteria.
Some of our customers have saved up to a 75% in the time spent readying transactions for payment.
You define the criteria for your payment runs, and the Action Board will handle what your team now does manually, such as:
More than before, approvers may be working in various locations. Technology has increased mobility, and your processes need to be able to keep up.
Guaranteeing internal control can be a challenge when approvers are working remotely. Efficient Accounts Payable processing requires flexible workflows and solid security to ensure that correct payments go to the right people at the proper time.
Mekorma Payment Hub provides approval workflows that enhance the existing task/role assignments in Dynamics GP. Mobility features allow you to extend the workflows outside of Dynamics GP so that approvers don’t need to be in the office. The PowerApprovals app works with any mobile device.
Here’s how PowerApprovals optimizes Accounts Payable workflows for approvers:
Paper and manual work take a lot of time, especially in the check printing process. From dealing with printers to mailing payments, checks take time. Payment Hub can automate steps, freeing your team for other work. Payment Hub can add electronic signatures and tie them to a digital approval workflow.
Outsourcing the final steps of your AP processing, the actual payments, will take even more work off your team. Mekorma Remote Payment Services allows you to oversee outgoing payments with a robust approval workflow in Dynamics GP. Then it can automatically forward the files to a provider, and they can send out payments.
Remote Payment Services frees your AP team from:
Outsourcing can raise questions about security and control. If you’re considering outsourcing, check out the pros and cons.
There are many ways to speed up your vendor payment process. You can add automation, remove or outsource tasks that slow your team down, make it easy to work remotely, etc. To see how you can save time and effort with AP automation in Microsoft Dynamics.
By Mekorma, mekorma.com
The post Dynamics GP and Accounts Payable Processing with Mekorma appeared first on ERP Software Blog.
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